China will adopt measures to achieve target in its balance of payments this year, the State Administration of Foreign Exchange said on Friday in a press release..

Li Dongrong, deputy director of the administration, told a recent work conference that keeping its balance of payments is important to maintain the fast development of China's economy.

The conference has called for further strengthening and improving the supervision mechanism of the Renminbi exchange rate.

It also called for further reforms on banks' management over the revenues and expenditures of foreign exchange, as well as reforms on the methods to calculate its balance of payments.

Over the past few years China has had a surplus in its balance of payments and capital accounts. Its foreign exchange reserves increased by 208.9 billion U.S. dollars to hit 818.9 billion dollars by the end of the year.

Source: Xinhua